Viet Nam and UAE Accelerate Negotiations on CEPA
Hanoi, The Gulf Observer: The Ministry of Industry and Trade (MoIT) of Viet Nam and the Ministry of Economy of the United Arab Emirates (UAE) have mutually agreed to expedite negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between the two nations.
The commitment to strengthen economic ties was affirmed during a meeting in Hanoi on Wednesday between the Minister of Industry and Trade of Việt Nam, Nguyen Hong Dien, and the Minister of State for Foreign Trade of the UAE Ministry of Economy, Thani bin Ahmed Al Zeyoudi.
Minister Nguyen Hong Dien expressed his appreciation for the positive trajectory of Viet Nam-UAE economic and trade cooperation in recent years. He highlighted the ongoing negotiations for the Viet Nam-UAE CEPA, marking a significant expansion of collaboration between the two countries.
Acknowledging the efforts and achievements of the negotiation delegations, both officials engaged in discussions to address differing viewpoints and identified measures to move forward.
Minister Dien urged the UAE to facilitate business delegation exchanges, coordinate trade promotion activities, and encouraged UAE businesses to consider investments in Viet Nam within areas of mutual interest.
The two sides jointly committed to closer cooperation to expedite the Viet Nam-UAE CEPA negotiation process with the aim of concluding it expeditiously.
At present, the UAE stands as Viet Nam’s largest export market and second-largest trade partner in West Asia, following Kuwait. In 2023, Viet Nam’s exports to the UAE exceeded US$4 billion, and imports from the UAE reached over $676 million, indicating year-on-year increases of 4.3% and 16% respectively.
Key exports from Viet Nam to the UAE include mobile phones, computers, electrical products, seafood, textiles, and wooden furniture. In return, Viet Nam imports raw plastics, liquefied petroleum gas (LPG), petroleum products, animal feed materials, metals, and chemicals from the UAE.
The commitment to expedite CEPA negotiations reflects the shared determination of Viet Nam and the UAE to deepen economic ties and foster mutually beneficial cooperation in various sectors. The anticipated agreement is poised to further enhance the robust economic relationship between the two nations.
